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6 Feb 2015
XAU/USD might see above 1272 levels – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, XAU/USD bulls might push the pair higher towards 1272 and even 1274 on a break above the resistance at 1268.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) ended lower on Thursday at 1265.43 levels, risk-off sentiment faded as ECB provided last minute aid to the debt-ridden Greece, easing investors’ concerns.”
“The pair is [..] is likely to trade in a narrow range as traders await critical US non –farm payrolls data due later in the day for further momentum on the pair.”
“On the daily chart, the bullish RSI has turned flat indicating lack of clear direction and a break out on either side may be witnessed.”
“To the upside, the pair faces stiff resistance at 5-DMA located at 1268 levels. XAU bulls may take charge above that level pushing the pair higher to test 20-DMA placed at 1272 levels and further above to reach 10-DMA located at 1274.”
“However, if the pair breaks below the daily lows at 1262.32 levels, a fresh sell-off may be triggered and XAU/USD may fall to test strong support zone around 1256 levels.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) ended lower on Thursday at 1265.43 levels, risk-off sentiment faded as ECB provided last minute aid to the debt-ridden Greece, easing investors’ concerns.”
“The pair is [..] is likely to trade in a narrow range as traders await critical US non –farm payrolls data due later in the day for further momentum on the pair.”
“On the daily chart, the bullish RSI has turned flat indicating lack of clear direction and a break out on either side may be witnessed.”
“To the upside, the pair faces stiff resistance at 5-DMA located at 1268 levels. XAU bulls may take charge above that level pushing the pair higher to test 20-DMA placed at 1272 levels and further above to reach 10-DMA located at 1274.”
“However, if the pair breaks below the daily lows at 1262.32 levels, a fresh sell-off may be triggered and XAU/USD may fall to test strong support zone around 1256 levels.”